US Gas Prices Skyrocket, Joe Biden To Suspend Federal Gas Tax For Three Months
Gas Price US: US President Joe Biden may ask Congress...
Gas Price US: US President Joe Biden may ask Congress to suspend the federal gas tax for three months. A few months before the crucial mid-term elections, there is widespread anger among Americans due to skyrocketing prices in the US.
The White House wants to end the 18 cents per gallon (3.78 liters) tax by September. In addition, the White House will ask US states (which also tax the pump) to do so to provide direct relief to American consumers affected by high prices. Officials noted that prices rose by about $2 a gallon since Russian President Vladimir Putin deployed troops to the Ukrainian border earlier this year.
Biden wants to give relief to consumers
Federal taxes on gas and diesel help the Highway Trust Fund, which maintains roads and supports public transportation. Our deficit this year is already short of a historic $1.6 trillion, the president believes we can suspend the gas tax to provide relief to consumers and the Highway Trust Fund by about $10, said one official. Can use other revenues to reach billions.
Faced with outrage over rising gas prices, several states, including New York and Connecticut, have already suspended fuel taxes, while others have delayed planned tax hikes.
Russian attack on Ukraine raises prices
Fuel prices have skyrocketed not only in the United States but around the world after the Russian attack on Ukraine on 24 February. Meanwhile, Biden has taken steps such as releasing one million barrels of oil per day from the Strategic Petroleum Reserve, negotiating with international partners to release an additional 60 million barrels, and expanding access to biofuels.
While average gas prices nationwide have now reached $5 a gallon, the Biden administration is trying to ease consumer concerns over rising prices ahead of the November midterm elections so that Democrats don’t lose control of Congress. .
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